*ASX to replace equities and equity options clearing platforms with Genium INET
*Nasdaq to build CCP clearing capability
*ASX’s clearinghouses now managing real-time risk with Nasdaq’s post-trade risk technology
NEW YORK & SYDNEY, Feb. 29, 2016 (GLOBE NEWSWIRE) -- Nasdaq (Nasdaq:NDAQ) and Australian Securities Exchange (ASX) have announced that Nasdaq will replace ASX’s existing equities and equity options clearing technology platforms – a significant element of ASX’s technology transformation program outlined in February 2015. This technology development will be undertaken on Nasdaq’s Genium INET Clearing platform, which is already in use at ASX for futures clearing. It reflects ASX’s commitment to consolidate its number of post-trade platforms and improve efficiencies for its customers.
ASX also recently went live with Sentinel Risk Manager, Nasdaq’s post-trade risk management solution. Phase 1 – the default management component – is now in operation. Once fully implemented, the new next generation platform will provide ASX with a single, real-time risk management system across both its clearing houses and all asset classes, including real-time margin calculation and related customer risk analytics.
"We are thrilled that ASX has chosen Nasdaq for these very essential post-trade developments,” said Lars Ottersgård, Executive Vice President, Market Technology, Nasdaq. “The post-trade space is undergoing significant global change from a regulatory, operational and customer requirement perspective. Proven technology that can provide flexible and improved product and service capability is critical in meeting the constantly changing post-trade environment.”
Tim Thurman, Chief Information Officer at ASX, said: “This post-trade phase of ASX’s technology refresh will enable ASX to deliver globally proven technology and significant benefits to the Australian market, including increased flexibility, reduced complexity and scale efficiencies. While we have announced that ASX is exploring the potential of distributed ledger technology – or blockchain – to transform settlement processes in our market, we will continue to operate our existing post-trade services as normal. This extension of ASX’s longstanding and successful partnership with Nasdaq will ensure that Australia's financial market infrastructure remains world-class and meets the needs of participants and investors.”
Nasdaq has provided technology to ASX since 1996. In addition to ASX, its exchange technology, including trading, clearing, CSD and market surveillance systems, is in operation in over 100 marketplaces across the USA, Europe, Asia, Australia, Africa and the Middle East.
Nasdaq (Nasdaq:NDAQ) is a leading provider of trading, clearing, exchange technology, listing, information and public company services across six continents. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today's global capital markets. As the creator of the world's first electronic stock market, its technology powers more than 70 marketplaces in 50 countries, and 1 in 10 of the world's securities transactions. Nasdaq is home to more than 3,600 listed companies with a market value of approximately $8.8 trillion and more than 10,000 corporate clients. To learn more, visit: nasdaq.com/ambition or business.nasdaq.com.
ASX operates at the heart of Australia’s financial markets. It is among the world’s top 10 exchange groups and is a global leader in A$ and NZ$ financial markets.
- We are a fully integrated exchange across multiple asset classes – equities, fixed income, derivatives and managed funds.
- We service retail, institutional and corporate customers directly and through Australian and international intermediaries.
- We provide services that allow our customers to invest, trade and manage risk. These include listings, trading, post-trade services, technology, and information and data services.
- We operate and invest in the infrastructure that promotes the stability of Australia’s financial markets and is critical for the efficient functioning of the nation’s economy, economic growth and position in the Asia Pacific region.
- We advocate for regulations that support end-investors, grow and promote the integrity of the market, and strengthen Australia’s global competitiveness.
More information about ASX can be found at www.asx.com.au